The new measures by the United States to impose tariffs on Chinese imported goods took effect on Tuesday (4th), and China will also implement new policies to counteract it. The Customs Tariff Commission of the State Council of China announced today that starting from February 10, 2025, it will impose tariffs of 10% to 15% on some imported goods originating from the United States, including coal, natural gas, crude oil, agricultural machinery, high-displacement cars, and pickups.
In the announcement released today, the Customs Tariff Commission of China stated that the unilateral imposition of tariffs by the United States seriously violates the rules of the World Trade Organization, which not only does not contribute to resolving its own problems but also undermines normal economic and trade cooperation between the United States and China.
On February 1, US President Donald Trump signed an executive order announcing that starting from February 4, additional tariffs of 25% will be imposed on imported goods from Canada and Mexico, and additional tariffs of 10% will be imposed on imported goods from China, aiming to address illegal immigration and drug issues. Although Trump has confirmed today that the US measures to impose tariffs on Canada and Mexico will be postponed, he did not mention China.
The new tariff measures by the United States have caused significant fluctuations in the traditional financial and cryptocurrency markets. Bitcoin (BTC) has fallen from around $100,000 to around $91,000 in the past three days. Ethereum (ETH) and other altcoins have experienced even larger declines. After the US announced the postponement of tariffs on Canada and Mexico, the cryptocurrency market rebounded significantly, with Bitcoin briefly reaching $100,000 and Ethereum rebounding to $2,900.
Andrew Kang, the founder and partner of cryptocurrency venture capital firm Mechanism Capital, believes that there is resistance for Ethereum in the range of $2,900 to $3,000, which will limit its upside in the short term. He also believes that if a trade war between China and the United States occurs, the price of Ethereum will return to $2,200 to $2,400.
At the time of publishing this article, the BTC trading price was $99,045 and the ETH price was $2,715.